Civic Intelligence

The Freedom Academy Foundation

990 • Fiscal year 2016 • EIN 13-4255839

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 28, 2017

Organization Profilefreedomprep.net

View Organization Page

1190 West 900 NorthProvo, UT 84604

(801) 437-3100

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

1.05x

Higher debt load relative to assets than 94% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

83rd percentile

1.35x

Higher debt load relative to revenue than 83% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

38th percentile

0.1%

Higher net margin than 38% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

50th percentile

1.8%

Faster asset growth than 50% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

78th percentile

17%

Faster revenue growth than 78% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$10,522,377

Up $191,011 (+1.8%) from 2015

Net Assets

Up

-$532,323

Up $7,004 (+1.3%) from 2015

Liabilities

Up

$11,054,700

Up $184,007 (+1.7%) from 2015

Revenue And Expenses
Liabilities / Revenue83rd percentileNet Margin38th percentile

Revenue

Up

$8,213,677

Up $1,199,006 (+17%) from 2015

Expenses

Up

$8,206,673

Up $988,292 (+14%) from 2015

Net Income

Up

$7,004

Up $210,714 (+103%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth50th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0-$50MAssets 2011: $10,690,860Liabilities 2011: $11,143,671Net Assets 2011: -$452,8112011Assets 2012: $10,708,205Liabilities 2012: $11,111,479Net Assets 2012: -$403,2742012Assets 2013: $11,040,742Liabilities 2013: $11,290,390Net Assets 2013: -$249,6482013Assets 2014: $10,691,461Liabilities 2014: $11,027,078Net Assets 2014: -$335,6172014Assets 2015: $10,331,366Liabilities 2015: $10,870,693Net Assets 2015: -$539,3272015Assets 2016: $10,522,377Liabilities 2016: $11,054,700Net Assets 2016: -$532,3232016Assets 2017: $9,686,240Liabilities 2017: $11,152,603Net Assets 2017: -$1,466,3632017Assets 2018: $51,885,197Liabilities 2018: $54,813,292Net Assets 2018: -$2,928,0952018Assets 2019: $51,561,470Liabilities 2019: $55,027,122Net Assets 2019: -$3,465,6522019Assets 2020: $50,922,260Liabilities 2020: $55,194,724Net Assets 2020: -$4,272,4642020Assets 2021: $64,742,070Liabilities 2021: $69,714,483Net Assets 2021: -$4,972,4132021Assets 2022: $63,049,119Liabilities 2022: $69,554,602Net Assets 2022: -$6,505,4832022Assets 2023: $65,545,272Liabilities 2023: $70,857,703Net Assets 2023: -$5,312,4312023Assets 2024: $66,156,573Liabilities 2024: $71,468,907Net Assets 2024: -$5,312,3342024Assets 2025: $59,816,528Liabilities 2025: $68,830,925Net Assets 2025: -$9,014,3972025

Highlighted filing

2016

Assets$10,522,377
Liabilities$11,054,700
Net Assets-$532,323
Open 2016 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MRevenue 2011: $4,275,293Expenses 2011: $4,138,479Net Income 2011: $136,8142011Revenue 2012: $4,425,914Expenses 2012: $4,376,377Net Income 2012: $49,5372012Revenue 2013: $4,955,533Expenses 2013: $4,801,907Net Income 2013: $153,6262013Revenue 2014: $6,152,248Expenses 2014: $6,238,218Net Income 2014: -$85,9702014Revenue 2015: $7,014,671Expenses 2015: $7,218,381Net Income 2015: -$203,7102015Revenue 2016: $8,213,677Expenses 2016: $8,206,673Net Income 2016: $7,0042016Revenue 2017: $9,802,440Expenses 2017: $10,736,480Net Income 2017: -$934,0402017Revenue 2018: $11,954,113Expenses 2018: $13,415,845Net Income 2018: -$1,461,7322018Revenue 2019: $15,331,123Expenses 2019: $15,868,680Net Income 2019: -$537,5572019Revenue 2020: $16,301,229Expenses 2020: $17,108,041Net Income 2020: -$806,8122020Revenue 2021: $19,577,542Expenses 2021: $20,277,491Net Income 2021: -$699,9492021Revenue 2022: $22,213,905Expenses 2022: $23,746,975Net Income 2022: -$1,533,0702022Revenue 2023: $26,434,172Expenses 2023: $25,241,120Net Income 2023: $1,193,0522023Revenue 2024: $26,182,910Expenses 2024: $26,182,813Net Income 2024: $972024Revenue 2025: $27,885,092Expenses 2025: $27,894,157Net Income 2025: -$9,0652025

Highlighted filing

2016

Revenue$8,213,677
Expenses$8,206,673
Net Income$7,004
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 28, 2017
Return Version
2015v3.0
Gross Receipts
$8,213,677
Mission and Program Overview

Mission

Kindergarten through 12th grade charter school in the State of Utah.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,182,571$7,831,595▼ $350,976
Investments Other Securities$1,042,337$1,016,244▼ $26,093
Cash and Non-Interest-Bearing Accounts$472,612$961,967▲ $489,355
Accounts Receivable$146,634$240,657▲ $94,023
Prepaid Expenses and Deferred Charges$82,073$82,695▲ $622
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$10,331,366$10,522,377▲ $191,011
Other Assets Total$405,139$389,219▼ $15,920
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,956,360$9,777,726▼ $178,634
Accounts Payable and Accrued Expenses$914,331$1,276,974▲ $362,643
Other Liabilities$2--
Total Liabilities$10,870,693$11,054,700▲ $184,007
Net Assets / Fund Balance
Temporarily Rstr Net Assets$77,562$159,073▲ $81,511
Unrestricted Net Assets$-616,889$-691,396▼ $74,507
Total Net Assets Fund Balance$-539,327$-532,323▲ $7,004
Total Liabilities and Net Assets / Fund Balance$10,331,366$10,522,377▲ $191,011

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,267,148$1,723,754$7,990,902
Land$900,000-$900,000
Equipment$408,238$424,145$832,383
Leasehold Improvements$256,209$451,063$707,272
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Lynne HerringDirector
Heather DayCAO
Robert MerrillCFO
Cary McConnelMember
Catherine BrambleMember
Mattson NewellMember
Paul BaltesMember
Thomas ChanMember
Revenue and Support

Revenue Composition

Contributions and Grants
$7,516,646
Program Service Revenue
$697,031
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$7,004
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,336,799
Other Expenses$2,869,874
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,433,796$196,177-$3,629,973
Other Employee Benefits$1,354,213$227,613-$1,581,826
Interest$548,861--$548,861
Depreciation Depletion$405,158--$405,158
Current Officers, Directors, Trustees, and Key Employees-$125,000-$125,000
Other Expenses$84,513$20,326-$104,839
Total Functional Expenses$7,547,572$659,101$0$8,206,673
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Must be approved by Board of Directors”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Officers reviewed the 990.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Board review and approval.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Board review and approval.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Available upon written request to the Board of Directors.”

Filing and Contact Details

Filer

Filer Name
The Freedom Academy Foundation
EIN
13-4255839
Phone
8014373100
Address
1190 West 900 North, Provo, UT 84604

Signing Officer

Name
Lynne Herring
Title
Director
Signed
2017-01-28
Discuss with paid preparer
Yes

Organization Details

Legal Domicile
Ut
Voting Board Members
7
Independent Board Members
7
Employees
168
Volunteers
50

Preparer

Firm
Aycock Miles & Assoc CPAs
Address
58 East 100 North 83-13, Roosevelt, UT 84066
Preparer
Michael J Miles
Phone
4357225153
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IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt082073
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt082695
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0Gain (loss) property
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0697031
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0697031
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt06700176
IRS990/PYExcessBenefitTransInd0false
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02700875
IRS990/PYProgramServiceRevenueAmt0314495
IRS990/PYRevenuesLessExpensesAmt0-203710
IRS990/PYSalariesCompEmpBnftPaidAmt04517506
IRS990/PYTotalExpensesAmt07218381
IRS990/PYTotalRevenueAmt07014671
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt07004
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06267148
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01723754
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07990902
IRS990ScheduleD/EquipmentGrp/BookValueAmt0408238
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0424145
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0832383
IRS990ScheduleD/LandGrp/BookValueAmt0900000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0900000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0256209
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0451063
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0707272
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07831595
IRS990ScheduleD/TotalBookValueSecuritiesAmt01016244
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Must be approved by Board of Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Officers reviewed the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Board review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Available upon written request to the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt077562
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0159073
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt010331366
IRS990/TotalAssetsEOYAmt010522377
IRS990/TotalAssetsGrp/BOYAmt010331366
IRS990/TotalAssetsGrp/EOYAmt010522377
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt07516646
IRS990/TotalEmployeeCnt0168
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0659101
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt07547572
IRS990/TotalFunctionalExpensesGrp/TotalAmt08206673
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt010870693
IRS990/TotalLiabilitiesEOYAmt011054700
IRS990/TotalLiabilitiesGrp/BOYAmt010870693
IRS990/TotalLiabilitiesGrp/EOYAmt011054700
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-539327
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-532323
IRS990/TotalProgramServiceExpensesAmt07547572
IRS990/TotalProgramServiceRevenueAmt0697031
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0697031
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt08213677
IRS990/TotalVolunteersCnt050
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt010331366
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010522377
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-616889
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-691396
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0freedomprep.net
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Lynne Herring
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-01-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0The Freedom Academy Foundation
ReturnHeader/Filer/BusinessNameControlTxt0FREE
ReturnHeader/Filer/EIN0134255839

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,522,377
Liabilities
$11,054,700
Net assets
-$532,323
Revenue
$8,213,677
Expenses
$8,206,673
Net income
$7,004
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$59.8$68.8$9.01$27.9$27.9$0.01
2024Detailed filing. Detailed filing data is available for this year.$66.2$71.5$5.31$26.2$26.2$0.00
2023Detailed filing. Detailed filing data is available for this year.$65.5$70.9$5.31$26.4$25.2$1.19
2022Detailed filing. Detailed filing data is available for this year.$63.0$69.6$6.51$22.2$23.7$1.53
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.7$69.7$4.97$19.6$20.3$0.70
2020Detailed filing. Detailed filing data is available for this year.$50.9$55.2$4.27$16.3$17.1$0.81
2019Detailed filing. Detailed filing data is available for this year.$51.6$55.0$3.47$15.3$15.9$0.54
2018Detailed filing. Detailed filing data is available for this year.$51.9$54.8$2.93$12.0$13.4$1.46
2017Detailed filing. Detailed filing data is available for this year.$9.69$11.2$1.47$9.80$10.7$0.93
2016Detailed filing. Detailed filing data is available for this year.$10.5$11.1$0.53$8.21$8.21$0.01
2015Detailed filing. Detailed filing data is available for this year.$10.3$10.9$0.54$7.01$7.22$0.20
2014Detailed filing. Detailed filing data is available for this year.$10.7$11.0$0.34$6.15$6.24$0.09
2013Summary only. Only limited summary data is available for this year.$11.0$11.3$0.25$4.96$4.80$0.15
2012Summary only. Only limited summary data is available for this year.$10.7$11.1$0.40$4.43$4.38$0.05
2011Summary only. Only limited summary data is available for this year.$10.7$11.1$0.45$4.28$4.14$0.14